Trust Bank Singapore has introduced Flex, a pioneering savings plan offering customers the ability to customise how they earn interest. This innovative plan, launched in September, allows users to select from eight bonus interest categories, aligning with their personal financial habits and priorities. Customers can earn up to 2.5% per annum on deposit balances of up to $880,000 (S$1.2m).
Flex is part of a trio of savings options, including the Signature and Zen plans. The Signature plan offers a familiar structure with established bonus interest categories, whilst the Zen plan provides a straightforward approach with a higher base interest rate and no additional conditions.
Aditya Gupta, Chief Product Officer, explained, “The new Flex plan started with a simple idea for consumers to create a Build-Your-Own-Savings-Account with the freedom to choose how they want to earn interest on their savings. With our new Flex plan, customers get complete flexibility, transparency and control to grow their savings.”
The plan addresses a market gap identified through customer research, which highlighted the need for more flexible savings options that adapt to changing financial priorities. Inspired by the “caifan” concept, akin to selecting dishes at a hawker centre, Flex allows customers to mix and match their savings benefits.
Since its launch, the Flex plan has seen rapid adoption, with 10% of existing customer balances transitioning to the new offering. Popular options include FX spends, Salary Crediting, and PayNow, particularly appealing to customers who travel frequently. This early success underscores Trust Bank’s commitment to reimagining traditional banking with personalised solutions.
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